Guideline Value for MADHA KOIL 2ND STREET

Madha Koil 2nd Street guideline value

The current guideline value of Madha Koil 2nd Street is Rs 880 per sq.ft, effective from 1 July 2024. This street is located in Koladi village under the Chennai South Joint II SRO, classified as Residential Class II Type - II.

How the guideline value of Madha Koil 2nd Street has changed

The guideline value for Madha Koil 2nd Street has undergone several revisions over the years. In 2007, the guideline value was Rs 200 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2012, marking a 300% rise. However, this figure dropped to Rs 536 per sq.ft in 2017, indicating a decrease of 33%. The value then rose again to Rs 800 per sq.ft in 2023, before reaching the current rate of Rs 880 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 340%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Koladi

Koladi village has a total of 175 streets under the Chennai South Joint II SRO, with 2024 guideline values ranging from Rs 660 to Rs 4,000 per sq.ft. The median guideline value in this area is Rs 1,100 per sq.ft, which means Madha Koil 2nd Street's current figure is below this median.

• Madha Koil 3rd Street: Rs 880 per sq.ft (2024)
• Madha Koil 1st Street: Rs 880 per sq.ft (2024)
• Madhakoil 1st Cross Street: Rs 880 per sq.ft (2024)
• Lotus Nagar: Rs 660 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 880 per sq.ft (2024)
• Mahda Koil 2nd Street And Cross Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Madha Koil 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total to Rs 79,200. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Madha Koil 2nd Street?

The Sub Registrar Office that covers Madha Koil 2nd Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Koladi

The guideline value plays a crucial role during the registration of property transactions in Koladi. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on either the guideline value or the sale price, whichever is higher.

When buying or selling property, it's essential to be aware of the current guideline value to ensure compliance with local regulations and to accurately calculate the associated costs. This helps in avoiding any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Madha Koil 2nd Street?

The current guideline value of Madha Koil 2nd Street is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, with various revisions in between, including a drop in 2017 and increases in subsequent years.

What is the registration office for Madha Koil 2nd Street?

The registration office for Madha Koil 2nd Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Koladi?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 8,80,000, the stamp duty at 7% would be Rs 61,600.

What is the land classification for Madha Koil 2nd Street?

Madha Koil 2nd Street is classified as Residential Class II Type - II, indicating its designation for residential purposes within the local planning regulations.